Blendworth Strategic Management Plan

Introduction BLENDWORTH is an international company that deals with the production and sale of fabrics. The company sells high quality fabrics and wall coverings that match the current fashion trends.Advertising We will write a custom case study sample on Blendworth Strategic Management Plan specifically for you for only $16.05 $11/page Learn More The company has been in operation for the last 90 years meeting the demand of the ever changing fashion trends. Over the last years, the company has diversified their products to include silks, velvet and wall papers (BLENDWORTH, 2012). The company is in the process of developing a marketing strategy to increase their sales. Objectives The main objectives to be achieved by the company through this marketing plan are: To increase the company’s sales and profits by at least 10% every year; To venture into other new emerging markets; To ensure that customers regularly visit the company website and social m edia sites and give feedback to the company; Improve the company’s brand image Situational Analysis In order to draft an adequate marketing plan, it is imperative to analyse the company’s internal and external forces. SWOT (strength, weakness, opportunities and threats) analysis and competitor analysis have been carried out (Aaker 2005). SWOT analysis The results of the SWOT analysis are tabulated below POSITIVE FORCES NEGATIVE FORCES internal Strength The company has a strong reputable brand The company has a wide experience in dealing with fabrics Good capital base Good corporate culture The company workers are highly experienced The company’s location is adequate to conduct both its local and international trade Good communication through internet and other channels The company is the sole distributor of wall covering from Eijffinger Weaknesses Lack of appropriate marketing strategies Few products in the market The communication between the custome r and the company is poor There is no mechanism to analyze feedback information from the customers Lack of innovation in products design and also sales Lack of new products to suit the ever changing fashion industry Limited budget external Opportunities A large domestic and international market There is a high demand in the fashion industry, which will translate to high sales Possibilities of expanding to new markets Ability to negotiate major contracts Threats Increased competition from the main competitors Competition from China and other global fabric and textile companies Entry of new firms with better fabric both at the local and international market Different nations and regions have differing tastes and fashion New emerging products that may rival what the company sells Substitute products from China are cheap and affordable From the SWOT analysis, the company should enhance on their strengths and look for methods of countering their weaknesses and threats (Barne y, 1996). The main strategies include: Development and implementation of a good marketing plan; Customer satisfaction; Developing new products that blend the different cultures and trends in the world; Looking for more funding to enable the diversification of the company; Development of high quality fabrics and textile; Offering fair and affordable prices; Branding; Conducting aggressive marketing campaigns; Competitor analysis The BLENDWORTH Company faces high competition from both local and international companies. Locally, the United Kingdom has many fabric companies, such as Altfield, Beaudesert, Beaumont Fletcher, Bennison, Chelsea textiles, Abbot and Boyd, Borderline, Alton brooke, Brian Yates, and Colefax among others.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The international market has numerous companies that deal with making and supply of fabrics and other textiles. These companies may be multinational or operating within one country. All these companies are expected to be a big threat to this company. Trends in the market After evaluating the internal and external environment of the business, the following trends are expected in the future: There will be increased competition from both the local and international firms as they struggle to gain more customers and market share; New and better fabrics will be developed; The competitors will lower the price of products; The competitors will expand to other emerging markets; Target Market Analysis The Blendworth Company has both local and international customers. The company supplies products to over 40 countries and has about 3000 customers. In the domestic market, the company has about 2500 customers. The main customers can be segmented into three parts: Individual customers Designers Retailers Market size The company’s customer size is enormous and comprises both local and internatio nal companies. Age The products sold by the company are suitable for people aged 25 years and above. Income The company targets middle and high income earners both at the local and international markets Customer wants and need In the fabric industry, the main customer’s wants and needs are:Advertising We will write a custom case study sample on Blendworth Strategic Management Plan specifically for you for only $16.05 $11/page Learn More High quality fabrics, textiles and wall papers; Affordable prices especially for individual customers; Supply of the fabrics on time ; The company must keep up with changes in fashion industry; Availability of products on time; Strategies For the company to increase and maintain their customers the following strategies are going to be instituted (Proctor 2000): Prices The company will strive to become a market leader in terms of pricing; the company will offer quality products at affordable prices. Place The com pany will enhance their distribution channels so that fabrics reach the potential customers on time and in good condition. Promotions Blendworth’s main endeavour is to increase the number of local and international customers. This will be done through a series of sales promotion activities. Products The company will supply quality products and respond to the demands on the customers. The company will keep in touch with changing trends in the fashion industry so as to make quality and fashionable products. Tactics To Achieve The Strategies To ensure that the proposed strategies are implemented, the following tactics will be used: Low and affordable prices In order for the company to achieve low and affordable prices, it will do the fillowing:Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Carefully study the competitors’ pricing and reduce our prices accordingly so as to be the market leader in terms of prices. Price differentiation: prices will be differentiated in such a way that high class customers and designers will be charged a slightly higher price than individual customers. Offer discounts based on quantity, returned customers and different seasons. Make the production and distribution chain more efficient so as reduce the operation cost, and hence the product cost (Hooley 2012). Sales and promotions The following sales and promotions activities will be conducted: Advertisement: the company will advertise at the local newspapers, the internet and broadcasting stations in addition to the current advertisement techniques used. This is expected to cost  £ 100000. The internet marketing will entail the use of social media sites. After sales services: the company will offer free delivery for customers who purchase large quantity of products Branding: t he company will carry out aggressive marketing so as to promote the â€Å"BLENDWORTH† name Direct marketing: this will entail sending brochures to designers, retailers and other people who deal with fabrics. Special prices and conditions will be offered to them. Point of sale display: posters and screens will be fixed up at point of sale areas, such as malls so that potential customers can see our products Gifts: free gifts will be given to everyone who purchases products exceeding  £ 1000. Sponsoring events: the company will sponsor events, such as exhibitions where our products will be displayed (Kotler2003) Enhancing the distribution channels Opening regional centres: regional centres will be opened to ensure that products are distributed on time. Product and service quality To improve the product and service quality, all responses and feedback information from local and international customers will be analyzed and used to improve the products and services. Monitoring A nd Evaluation After implementation of the strategies developed, the progress of the company will be evaluated after every six months to check the success rate of the actions taken. This will be done through Checking the books of accounts, such as the sales records, balance sheet, the profit and loss account to track the sales and profits made by the company; Checking the number of active members and responses from social media. References Aaker, D. A 2005. Strategic Marketing Management, 7th edition, John Wiley Sons, New York. Barney, J 1996. Gaining and Sustaining Competitive Advantage, Addison-Wesley: New York. BLENDWORTH. 2012. Blendworth company website, https://www.blendworth.co.uk/about/ Hooley, P. N 2012, Marketing Strategy Competitive Positioning, 5th Edition, Prentice Hall, New Jersey. Kotler, P 2003, Marketing Management,11th ed, Prentice Hall, New Jersey. Proctor, T 2000, Strategic marketing: an introduction, Routledge, New York. This case study on Blendworth Strategic Management Plan was written and submitted by user Duncan Mccall to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.